ITR Form

ITR IV is used if u'r having income from Business as well Other sources!!

ITR - IV shall be applicable.

As u have income from business & profession as well as other income also ITR-4 is the appropriate form for u.

hi

in case of charitable organisation registered as society not having exemption u/s 12A which ITR form is to filled up.

pl guide.

ITR 7 is applicable for Societies/Trust.

ITR 4 to be filed

@ sbajpai

pl guide me about tax rates also for society ( a temple )not having exemtion u/s 12A . surplus is of 52000/-. can the sec 11 be applied  on suplus?

narinder

is interest on saving bank deposit eligible for deduction under 80C

No. Interest on Savings Bank is taxable under the head Income from other Sources.

@ CA Narinder

Societies are taxable in the status of AOP and different rates of tax are applicable to the income of an AOP in different circumstances:

A. Individual shares of members in AOP are not determinate:
i. Where the total income of any member of the AOP is taxable at a rate higher than the maximum marginal rate-Rate of tax is such higher rate.
ii. Otherwise-30%

B. Individual shares of members in AOP are determinate:
i. If total income of any member is not higher than Rs 50000/- (excluding share from AOP) and no member is taxable higher than 30%- Rate of tax on total income of AOP is the rate applicable to individuals.
ii. If total income of any member is higher than Rs 50000/- (excluding share from AOP) and no member is taxable higher than 30%- Rate of tax is 30%
iii. If any member is taxed higher than 30%, then (a) Tax on the portion of total income of AOP that is relatable to the share of such member is levied at such rate higher than the 30%, (b) tax on the balance total income will be 30%.
 

Regards,

Shefali.

.

Interest on bank deposit is not deductable under any section.

it is taxable under head Income from other sources.........